This is a CU Colorado Springs student blog for the following courses: Intermediate Microeconomics and Austrian Economics.

November 3, 2014

Machine Age

Many people believe that the implementation of machines in the workplace will take away jobs from many people in the United states and the world. This thought, however, is untrue. Technological advancement has proven to enrich the lives and create a far greater level of prosperity and quality of life for people over time.
This concept can be demonstrated in a very simple example. When the wash machine became available to the public, anyone who previously had to wash their clothes by hand had experienced a significant increase in quality of life. This new technology also created numerous jobs that were not present before the wash machine, i.e. repairmen for the machine, storefronts for machines, machine parts, etc. Technological advancement in the form of machines in the workplace will create more jobs than they displace.
That being said, new skills will need to be learned by the people with the jobs being displaced by machines. In some cases, that may be difficult and in others it may be very simple. Either way, it is not a bad thing. With the technological boom in computer technology of recent years, many people had to adapt to the use of computers, whether the task was difficult or easy. The turn out has been a drastic increase in progression and quality of life. The simple task of finding information took older generations hours to find in textbooks while now it takes seconds to find what information is being sought. That is just one advantage over the thousands that technology has provided. Books may now be less popular but not a single person can argue that computers have changed the economy for the better.
Innovation is the key to capitalism. The machine age will enable a more capitalistic economy through the need of innovation and entrepreneurship. The implementation of machines in the workplace will bring a higher standard of living to all. As Ludwig Von Mises says, "Innovation is the whim of an elite before it becomes a need of the public."